This chapter examines the reciprocal relationship between scholarship about religion and discourses and practices related to the “First” and “Second Wave” psychedelic movements. Following the work of Agehananda Bharati, I argue that the “First Wave” psychedelic movement was instrumental in the success of Religious Studies in the 1970s and 1980s, facilitating interest in a range of issues around religious experience and its interpretation. I postulate two key spheres of influence: scholars whose experiences of psychedelics were formative in their study of religion versus others not associated with psychedelic use but have had a major impact on thinking within psychedelic communities. To illustrate this, I draw on my experience as a participant-observer in one of the first state-approved Psilocybin Facilitator training programs in Oregon, providing examples of how scholarship on religion informs psychedelic discourse and practice and the implications of it for the future of the academic study of religion.